The adjusted trial balance for Concord at December 31, 2019, contains the following accounts

Accounting Sep 14, 2020

The adjusted trial balance for Concord at December 31, 2019, contains the following accounts.

Debit

Credit

Buildings$128,500 Common Stock$91,750Accounts Receivable14,600Retained Earnings26,050Prepaid Insurance5,000Accumulated Depreciation—Buildings42,700Cash20,000Accounts Payable11,500Equipment61,200Notes Payable96,100Land66,700Accumulated Depreciation—Equipment18,400Insurance Expense700Interest Payable2,700Depreciation Expense7,000Service Revenue17,200Interest Expense2,700 $306,400$280,350

(a)

Prepare classified balance sheet; assume that $22,000 of the note payable will be paid in 2020. (List Property, plant and equipment in order of land, buildings and equipment. List Current Assets in order of liquidity.)

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